Core competency occurs when:
a. a business focuses on a wide range of products rather than a few products.
b. a business focuses on one or few products rather than a wide range of products.
c. a business sells products at a high price
d. a business is merged with another profit-making business.
b
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Under a first-dollar health insurance plan, the patient's marginal cost of treating a covered illness is:
A. a percentage of the total cost. B. negative. C. zero. D. positive.
How are banks and venture capital firms different?
A. Banks are financial intermediaries. B. Banks receive funds from the suppliers of capital. C. Venture capital firms expect quite a few of their investments to fail. D. Venture capital firms provide funds to businesses.
If a technological advance reduces the amount of variable resources needed to produce any level of output, then the:
A. AVC curve will shift upward. B. MC curve will shift downward. C. ATC curve will shift upward. D. AFC curve will shift downward.
Suppose the market for autoworkers is initially in equilibrium, but then the automakers purchase capital goods that are a substitute for workers. What happens in the market for autoworkers?
A. The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase. B. The equilibrium wage rate will increase and the equilibrium quantity of labor will decrease. C. The equilibrium wage rate and the equilibrium quantity of labor will both decrease. D. The equilibrium wage rate and the equilibrium quantity of labor will both increase.